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CAIB 1 Bundled Exams Questions and Answers Multiple Versions Latest Update (2024/2025) (Complete and Accurate)
CAIB 1 Bundled Exams Questions and Answers Multiple Versions Latest Update (2024/2025) (Complete and Accurate)
[Show more]CAIB 1 Bundled Exams Questions and Answers Multiple Versions Latest Update (2024/2025) (Complete and Accurate)
[Show more]Practice Exam for CAIB 1 Questions and 
 
Answers 100% Pass 
 
Insurers are in the business of assuming the financial risks of others which involves entering into 
a formal contract. A contract is enforceable at law only when all legal elements have been 
observed. Insurance contracts differ from ot...
Preview 2 out of 12 pages
Add to cartPractice Exam for CAIB 1 Questions and 
 
Answers 100% Pass 
 
Insurers are in the business of assuming the financial risks of others which involves entering into 
a formal contract. A contract is enforceable at law only when all legal elements have been 
observed. Insurance contracts differ from ot...
CAIB 1 Chapter 3 Questions and 
Answers Already Passed 
 
Identify four perils that mobile homes are more susceptible to than conventional homes 1. 
Fire 
2. Windstorms 
3. Hail 
 
4. Transportation 
 
Identify the purpose of "tie downs" Secure the unit to the foundation so that it remains stable ...
Preview 2 out of 12 pages
Add to cartCAIB 1 Chapter 3 Questions and 
Answers Already Passed 
 
Identify four perils that mobile homes are more susceptible to than conventional homes 1. 
Fire 
2. Windstorms 
3. Hail 
 
4. Transportation 
 
Identify the purpose of "tie downs" Secure the unit to the foundation so that it remains stable ...
CAIB 1 Chapter 6 Questions and 
 
Answers Graded A+ 
 
What is the minimum limit of Third Party Liability available in your province? $200,000 
 
How does an insured show proof of financial responsibility in your province The "pink 
copy" of the certificate of registration 
 
Identify the Automobi...
Preview 2 out of 13 pages
Add to cartCAIB 1 Chapter 6 Questions and 
 
Answers Graded A+ 
 
What is the minimum limit of Third Party Liability available in your province? $200,000 
 
How does an insured show proof of financial responsibility in your province The "pink 
copy" of the certificate of registration 
 
Identify the Automobi...
CAIB 1 - Chapter 7 Questions and 
 
Answers Rated A+ 
 
What are 3 actions which demonstrate a brokers unethical conduct? to sell more insurance 
than is needed, to sell higher priced coverages when equivalent coverage is available for a lower 
price, to recommend policies with a higher commission. ...
Preview 1 out of 4 pages
Add to cartCAIB 1 - Chapter 7 Questions and 
 
Answers Rated A+ 
 
What are 3 actions which demonstrate a brokers unethical conduct? to sell more insurance 
than is needed, to sell higher priced coverages when equivalent coverage is available for a lower 
price, to recommend policies with a higher commission. ...
CAIB 1 Chapter 5 Farm Insurance 
Questions and Answers Graded A+ 
 
Define farming premises for crops and livestock 
roadside stands and farmers markets 
 
Three Basic differences between types of arms 1) The product grown or produced 
2) Types of specialized machinery or equipment used 
3) The type...
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Add to cartCAIB 1 Chapter 5 Farm Insurance 
Questions and Answers Graded A+ 
 
Define farming premises for crops and livestock 
roadside stands and farmers markets 
 
Three Basic differences between types of arms 1) The product grown or produced 
2) Types of specialized machinery or equipment used 
3) The type...
CAIB 1 - Chapter 8 Questions and 
 
Answers 100% Pass 
 
What is the need for travel insurance? Provincial health plans don't cover certain costs - 
travel insurance provides coverage for these additional costs 
 
Discuss provincial medical plans in Canada Most provinces have a reciprocal agreement...
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Add to cartCAIB 1 - Chapter 8 Questions and 
 
Answers 100% Pass 
 
What is the need for travel insurance? Provincial health plans don't cover certain costs - 
travel insurance provides coverage for these additional costs 
 
Discuss provincial medical plans in Canada Most provinces have a reciprocal agreement...
CAIB 1 - Chapter 6 Questions and 
 
Answers Rated A+ 
 
What types of claims are paid out under Death & Injury court awards to innocent victims and 
their families, death benefits and funeral expenses, medical payments, rehabilitation costs, loss of 
income 
 
What types of claims are paid out under...
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Add to cartCAIB 1 - Chapter 6 Questions and 
 
Answers Rated A+ 
 
What types of claims are paid out under Death & Injury court awards to innocent victims and 
their families, death benefits and funeral expenses, medical payments, rehabilitation costs, loss of 
income 
 
What types of claims are paid out under...
CAIB 1 Chapter 4 Questions and 
 
Answers 100% Pass 
 
What area of law does Criminal Law address? Criminal law deals with wrongs against 
society 
 
How does criminal law deal with violators? Prosecute them in criminal courts with fines, 
imprisonment or probation 
 
What area of law does civil law...
Preview 2 out of 11 pages
Add to cartCAIB 1 Chapter 4 Questions and 
 
Answers 100% Pass 
 
What area of law does Criminal Law address? Criminal law deals with wrongs against 
society 
 
How does criminal law deal with violators? Prosecute them in criminal courts with fines, 
imprisonment or probation 
 
What area of law does civil law...
CAIB 1 Chapter 7 Questions and 
Answers Already Passed 
 
Who is responsible for the administration of the insurance act in your province? MB 
Government 
 
Outline the initial licensing requirements, whether there are different levels of licenses, the 
supervision requirements, and license terms in...
Preview 2 out of 8 pages
Add to cartCAIB 1 Chapter 7 Questions and 
Answers Already Passed 
 
Who is responsible for the administration of the insurance act in your province? MB 
Government 
 
Outline the initial licensing requirements, whether there are different levels of licenses, the 
supervision requirements, and license terms in...
CAIB 1 - Chapter 2 Questions and 
 
Answers Graded A+ 
 
What are the 3 types of Homeowners Forms? 1. Homeowners Basic 2. Homeowners Broad 
3. Homeowners Comprehensive 
 
Who develops insurance forms? Insurance Bureau of Canada 
 
What types of risks are now eligible for coverage? Dwellings containi...
Preview 2 out of 12 pages
Add to cartCAIB 1 - Chapter 2 Questions and 
 
Answers Graded A+ 
 
What are the 3 types of Homeowners Forms? 1. Homeowners Basic 2. Homeowners Broad 
3. Homeowners Comprehensive 
 
Who develops insurance forms? Insurance Bureau of Canada 
 
What types of risks are now eligible for coverage? Dwellings containi...
CAIB 1 Practice Exam (Long Answer) 
 
Rated A+ 
 
Your clients suffered a fire loss totalling $87,555. When making the proof of loss, they claimed 
$1,500 for a stereo unit which they never owned. In the event that the fraud is discovered by the 
insurer, what portion of the claim, if any, is requir...
Preview 2 out of 6 pages
Add to cartCAIB 1 Practice Exam (Long Answer) 
 
Rated A+ 
 
Your clients suffered a fire loss totalling $87,555. When making the proof of loss, they claimed 
$1,500 for a stereo unit which they never owned. In the event that the fraud is discovered by the 
insurer, what portion of the claim, if any, is requir...
CAIB 1 / CH 1 / SEC 1 / STUDY GUIDE 
LATEST UPDATE GRADED A+ 
 
Define in pure insurance terms "risk" The chance of financial loss to which an object of 
insurance is exposed 
 
List the 3 categories of risk generally faced by people Personal Risk; Property Risk; Liability 
Risk 
 
State 4 possibl...
Preview 2 out of 8 pages
Add to cartCAIB 1 / CH 1 / SEC 1 / STUDY GUIDE 
LATEST UPDATE GRADED A+ 
 
Define in pure insurance terms "risk" The chance of financial loss to which an object of 
insurance is exposed 
 
List the 3 categories of risk generally faced by people Personal Risk; Property Risk; Liability 
Risk 
 
State 4 possibl...
CAIB 1 CH1 (Discussion Questions) with 
 
Complete Solutions 
 
A broker friend told you that she recently sold a Tenants' Package Policy to a 16 year old who 
was attending university. It is your understanding that minors cannot enter into contracts for 
things not deemed to be the "necessities o...
Preview 1 out of 4 pages
Add to cartCAIB 1 CH1 (Discussion Questions) with 
 
Complete Solutions 
 
A broker friend told you that she recently sold a Tenants' Package Policy to a 16 year old who 
was attending university. It is your understanding that minors cannot enter into contracts for 
things not deemed to be the "necessities o...
CAIB 1 Practice Exam (Multiple Choice) 
Questions with Verified Solutions 
 
All of the following factors except one are used to determine the ACV of insured property. Pick 
the exception. 
A - condition of the object. 
B - sentimental value. 
C - re-sale value. 
 
D - normal life expectancy B - sen...
Preview 1 out of 3 pages
Add to cartCAIB 1 Practice Exam (Multiple Choice) 
Questions with Verified Solutions 
 
All of the following factors except one are used to determine the ACV of insured property. Pick 
the exception. 
A - condition of the object. 
B - sentimental value. 
C - re-sale value. 
 
D - normal life expectancy B - sen...
CAIB 1 CHAPTER 1 QUESTIONS AND 
 
ANSWERS RATED A+ 
 
Identify 4 possible options to deal with Risk , describe each Control the Risk ( loss control 
measures) 
Avoid the Risk ( rent Rather than buy ) 
Retain the risk ( self insurance or share risk through deductibles) 
Transfer the Risk ( purchase i...
Preview 3 out of 17 pages
Add to cartCAIB 1 CHAPTER 1 QUESTIONS AND 
 
ANSWERS RATED A+ 
 
Identify 4 possible options to deal with Risk , describe each Control the Risk ( loss control 
measures) 
Avoid the Risk ( rent Rather than buy ) 
Retain the risk ( self insurance or share risk through deductibles) 
Transfer the Risk ( purchase i...
CAIB 1 - Chapter 1 Questions and 
 
Answers Rated A+ 
 
Define "Risk" The chance of a financial loss to which the object of insurance may be 
exposed to 
 
List 3 Categories of Risk 1) Personal 2) Property 3) Liability 
 
List 4 Types of Risk Management Techniques 1) Risk Avoidance 2) Risk Retenti...
Preview 2 out of 15 pages
Add to cartCAIB 1 - Chapter 1 Questions and 
 
Answers Rated A+ 
 
Define "Risk" The chance of a financial loss to which the object of insurance may be 
exposed to 
 
List 3 Categories of Risk 1) Personal 2) Property 3) Liability 
 
List 4 Types of Risk Management Techniques 1) Risk Avoidance 2) Risk Retenti...
CAIB 1 QUESTIONS AND ANSWERS 
 
GRADED A+ 
 
Risk the chance of financial loss to which an object of insurance is exposed 
 
Speculative Risk possibility of financial loss or gain 
 
Pure Risk Chance of financial loss, no gain 
 
Insurance undertaking by one person to indemnify another person agains...
Preview 2 out of 13 pages
Add to cartCAIB 1 QUESTIONS AND ANSWERS 
 
GRADED A+ 
 
Risk the chance of financial loss to which an object of insurance is exposed 
 
Speculative Risk possibility of financial loss or gain 
 
Pure Risk Chance of financial loss, no gain 
 
Insurance undertaking by one person to indemnify another person agains...
CAIB 1-Chapter 1 Latest Update 
 
Graded A+ 
 
RISK Chance of financial loss to which an object of insurance is exposed 
 
SPECULATIVE RISK the chance of financial loss or gain 
 
PURE RISK the chance of financial loss but no chance of financial gain 
 
INSURANCE the undertaking by one person to ind...
Preview 2 out of 6 pages
Add to cartCAIB 1-Chapter 1 Latest Update 
 
Graded A+ 
 
RISK Chance of financial loss to which an object of insurance is exposed 
 
SPECULATIVE RISK the chance of financial loss or gain 
 
PURE RISK the chance of financial loss but no chance of financial gain 
 
INSURANCE the undertaking by one person to ind...
CAIB 1 Practice Questions (100) with 
Complete and Verified Answers 
 
Consideration is... 
a. The law of insurance 
b. A promise between parties 
c. A contract's binding force 
d. An exchange of something of value d. An exchange of something of value 
 
A stock company is... 
a. A company that inv...
Preview 3 out of 28 pages
Add to cartCAIB 1 Practice Questions (100) with 
Complete and Verified Answers 
 
Consideration is... 
a. The law of insurance 
b. A promise between parties 
c. A contract's binding force 
d. An exchange of something of value d. An exchange of something of value 
 
A stock company is... 
a. A company that inv...
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